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Need professional advice for your consent to let with Hodge Life? There are various implications when it comes to letting out your property with an existing residential mortgage - you should seek professional assistance.
Top Five Questions relating to Hodge Life consent to lease
- My brother and I jointly own a flat in Tower Hamlets with a Hodge Life mortgage. I am looking to move out and buy a house with my fiancee. How should I deal with finding a tenant for my room? Would I need consent to let via Hodge Life. My brother will stay in the apartment
- My partner and I currently live in Dubai and renting out our flat in Harrow. This was unplanned but an opportunity arose and we took it. The rent achieved on the property is not enough to cover the mortgage so we send back funds each month to cover the difference. Anyway this morning our lender got in touch telling me that because the property is being let out and has been for nearly two years we will have to pay 1.5% interest on top of our current mortgage rate. We could sell the apartment but this will be far from easy as I am so far away. Could we remortgage with Hodge Life and get consent to let?
- I have a two year fixed rate mortgage with Hodge Life which began in January. I will be moving out in August and have students ready to let my property. I need to get a letter from Hodge Life granting consent to let until my term is up to allow me time to move onto a BTL. How do I go about this?
- We are looking to lease out our ground floor flat in Havering in Feb. I would like some guidance on what I need to do. I've just moved our Hodge Life mortgage to a fixed term and just need to understand what the procedure is if I plan to get consent to let.
- I want to take in lodgers for my studio flat in Waltham Forest which I live in. My mortgage is with Hodge Life. How do I go about getting a consent to let?
- We have tenants ready to move in and I have mortgage offer from Hodge Life on new house on condition of consent to let for original house. How long should it take to receive letter once I send back a completed application with cheque.
- I would like to know if I have a normal mortgage with Hodge Life and decide to lease it out, does the rate increase and are there any associated costs for applying for consent to let.
- I am looking at some alternative lifestyle. I have a Hodge Life mortgage, if I become a non-UK resident but wish to rent my UK house, ...what steps should I take to get consent to let. Can this be obtained on the phone ?
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General Advice to read in conjunction with the above Hodge Life consent to let Questions and Answers
Tax and Legal
There are numerous potential tax and legal (from restrictions on title, lease prohibitions to planning issues) implications when letting out your property. You should always seek the advice of a solicitor and accountant before letting out your property.
Insurance
You must inform your buildings/contents insurer that you are letting your property and failing to do so can render any insurance you have invalid. Especially having public liability cover is very important as it protects you in the event of a third party being injured on your property, not having this leaves you open to claims made by tenants for personal injury or damage to their possessions arising from incidents connected with your property lack of consent to rent.
Leasehold properties
If your property is leasehold, the lease may prohibit you from letting or require that you to have a license to do so from the freeholder. If such terms are not adhered to you may be in breach of the lease. This could trigger the freeholder commencing forfeiture proceedings.
Co-ownership
Failure to advise your co-owner of your intention to let could result in them commencing legal proceedings against you. Be sure to obtain their consent in writing.
If you do not keep up the payments on your mortgage with Hodge Life your property may be repossessed